The park said the closure begins immediately and is the result of a challenging competitive and economic climate and changing patron entertainment habits.

"The Beach Waterpark management team is extremely saddened to make today?s announcement," said Ralph Vilardo Jr., authorized spokesperson on behalf of The Beach Waterpark, in a news release. "We have been proud to provide entertainment and employment to Southwest Ohioans for more than 27 years. Like many businesses these days, we had to make the difficult decision to close after concluding that further investment to support the business cannot be justified."

The Beach Waterpark said it has employed more than 15,000 people during the course of its operation. An estimated 7.5 million people have visited the park.

The park has come under increased competition from across Interstate 71, as Great Wolf Lodge opened an indoor waterpark and Kings Island built, then expanded its own waterpark.

The park said it has operated at a loss during the past several years.